ASSESSMENT OF MONEY LAUNDERING AND FINANCIAL CRIME IN NIGERIA ( A CASE STUDY OF THE ECONOMIC AND FINANCIAL CRIME COMMISSION EFCC ABUJA )
Abstract
This study assesses the nature, prevalence, and control mechanisms of money laundering and financial crime in Nigeria, using the Economic and Financial Crimes Commission (EFCC) Abuja as a case study. The research examines the institutional framework put in place to combat financial crimes, evaluates the effectiveness of EFCC’s investigative and prosecutorial strategies, and identifies the major challenges that hinder its operations. Using both primary and secondary data, the study analyzes the extent to which the EFCC has contributed to reducing financial crimes such as fraud, embezzlement, terrorism financing, and illicit financial flows. Findings reveal that although the EFCC has recorded notable achievements in arrests, investigations, and convictions, its effectiveness is constrained by inadequate funding, political interference, weak legal frameworks, and limited technological capacity. The study concludes that strengthening institutional independence, improving inter-agency collaboration, and adopting advanced forensic and digital investigative tools are essential for enhancing the commission’s performance. It recommends continuous public enlightenment, stronger legislation, and improved resource allocation as key strategies for achieving sustainable reduction of money laundering and financial crimes in Nigeria
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